Due to the ever-changing taxation landscape, it’s important for succession planning strategies to be re-examined and evaluated regularly. If you have family-owned or closely-held businesses, there is a need—now more than ever—for a solid transition plan. Highly skilled consultants can give you advice on how to use trusts and wills in the creation of an effective succession strategy, depending on your goals.
Passing the family business to the next generation can be a complex and emotional process. You need to protect not only your own wealth but also the harmony within the family. The key is to establish a shared vision that accommodates the expectations of all generations involved. Trusts and wills can be used to navigate challenges that may arise down the road.
Trusts have been used in the UK for centuries and they remain highly effective solutions for managing assets, controlling their destination, separating beneficial enjoyment from management, protecting family members from fortune hunters (or from themselves), and preserving voting control. A trust can also help lessen tax liabilities by allowing you to take full advantage of available CGT, IHT, and Income Tax reliefs and allowances. Flexibility to change the entitlements of beneficiaries can be built in to ensure control and to protect wealth from being squandered.
If you are interested in discussing how appropriate estate planning can be used to safeguard your family business and ensure that it continues to thrive even when you are gone, it’s time to talk to an estate planning consultant. These professionals can advise you on what legal strategies are available for your particular requirements and objectives. Some of the best estate planning consultants in the UK offer free no-obligation initial consultations so that you can learn more about your options at no initial cost.